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3 min read
Decoding Economic Trends: What They Mean for Your Personal Finances
Uncover the impact of economic trends on your personal finance and harness this knowledge for informed,…
5 min read
What is asset allocation? Understanding its meaning, importance, advantages, and disadvantages
Asset allocation means spreading your money across different types of investments, like stocks, bonds, gold, and…
3 min read
ESOPs: A Startup Perk or a Corporate Trap?
Employee Stock Ownership Plans (ESOPs) are often pitched as a lucrative wealth-creation tool, allowing employees to…
4 min read
How to Choose the Correct ITR Form: A Guide to Choosing the Right Income Tax Return Form
As the tax season approaches, one of the most crucial decisions taxpayers face is selecting the…
3 min read
Things to Consider While Choosing a Crypto Wallet
Introduction Cryptocurrency wallets are essential tools for securely storing and managing digital assets. With multiple options…
8 min read
Sovereign Gold Bonds and Their Taxability
Have you considered investing in Sovereign Gold Bonds? Like what you're reading? Get our latest, straight…
3 min read
Product over people : How you are missold a financial product
Picture this: you step into a financial institution, most likely a bank, seeking an insurance plan…
4 min read
Should You Invest in NFOs or Existing Mutual Fund Schemes?
Choosing between a new fund offer (NFO) and an existing mutual fund scheme depends on personal…
3 min read
What is NPS in Salary?
The National Pension System (NPS) is a voluntary retirement savings scheme introduced by the Government of…
18 min read
What is Retirement Planning?
Life has many phases: birth, childhood, youth, middle age, and finally, retirement. Here, we focus on…
2 min read
Understanding CAGR and XIRR: Which One Should You Use to Calculate Investment Returns?
The objective of any investment is to generate returns, and while calculating the returns, investors come…
5 min read
Tax on long-term capital gains
Understanding Long Term Capital Gains (LTCG) is crucial for any taxpayer. So, what is LTCG? It’s…
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Frequently Asked Questions
What is financial planning?
Financial planning is the process of evaluating your current finances and making a plan to map your journey to financial well-being.
It involves looking at all aspects of your financial life - income, savings, debt, investments, etc.
The aim is to understand where you stand today financially and then chart a course to get you where you want to be in the long run.
Financial planning provides direction and structure to your finances. It helps you intentionally move toward financial wellness.
The plan equips you to prepare for expected life events like retirement as well as unexpected events.
In short, financial planning bridges your present circumstances to your desired financial future. It gives you a path to follow.
What are the benefits of working with a financial advisor?
Working with a financial advisor can provide an invaluable perspective on your current situation. With the help of a financial advisor, you can assess your finances holistically - debts, assets, income streams, and more. With this comprehensive understanding, the advisor helps craft strategies tailored to your needs.
A financial plan crafted by a qualified advisor grants you agency over your financial life. It transforms vague anxiety about the future into proactive preparation. With expert guidance, you can map out actionable steps to strengthen your finances over time.
Why is financial planning important?
Financial planning is important because it provides clarity and control over your finances.
Having a financial plan helps you:
- Understand where you stand financially today
- Map out specific steps to improve your financial situation
- Prepare for major life events like marriage, child’s education, retirement etc.
- Budget effectively and evaluate your investment portfolio
- Strategic Tax Planning & Filing
- Manage and reduce debt
- Being financially ready for emergencies
- Creating a will to preserve your legacy
In short, financial planning is essential for financial stability and peace of mind. It gives your finances direction and purpose. With proper planning, you can take charge of your money and build financial security.
